The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.Please see the attachment for details:a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round percentages to one decimal place.b. Comment on the significant changes. Previous YearCurrent YearRevenues:Admissions$100,694$100,798Event-related revenue146,980146,849NASCAR broadcasting revenue217,469207,369Other operating revenueTotal revenues31,32029,293$496,463$484,309Expenses and other:Direct expense of eventsNASCAR event management feesOther direct operating expenses$104,303$102,196133,682128,25419,54118,513General and administrative177,926194,120Total expenses and otherIncome from continuing operations$435,452$443,083$ 61,011$ 41,226

Answered: Previous Year Current Year Revenues:…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.

Please see the attachment for details:

a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round percentages to one decimal place.
b. Comment on the significant changes.

Previous Year
Current Year
Revenues:
Admissions
$100,694
$100,798
Event-related revenue
146,980
146,849
NASCAR broadcasting revenue
217,469
207,369
Other operating revenue
Total revenues
31,320
29,293
$496,463
$484,309
Expenses and other:
Direct expense of events
NASCAR event management fees
Other direct operating expenses
$104,303
$102,196
133,682
128,254
19,541
18,513
General and administrative
177,926
194,120
Total expenses and other
Income from continuing operations
$435,452
$443,083
$ 61,011
$ 41,226

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